Stellantis and Chinese battery maker CATL will invest 4.1 billion euros ($4.33 billion) to build one of Europe's largest electric vehicle battery factories in Spain, encouraged by lower costs and government funding.

Stellantis and CATL have announced plans to jointly build a 4.1 billion euro ($4.3 billion) lithium iron phosphate battery plant in Spain.

Stellantis and CATL have announced an investment of up to $4.33 billion to establish a low-cost EV battery manufacturing facility in Spain.